Vernon, TX Housing Market

Market Overview

Vernon, TX posts a PropertyIQ Score of 68 out of 100, placing it in a moderate range overall. The score’s top drivers include 12-month home value momentum of 4.51%, a median days-on-market figure of 32 days, and a relatively limited share of listings with a price cut at 13.9%. However, a 3-month home value momentum of -2.01% and a year-over-year home value change of $-15 indicate that price gains have cooled recently. This mix of steady demand measures and softening price movement keeps the overall score from signaling either a clearly strong or weak market.

Vernon’s affordability profile stands out against state benchmarks. The median home value is $104,079, compared with the state average of $301,806. The rent index is $862, well below the state average of $1,339. Median household income in Vernon is $51,626, below the state average of $76,292, but the local housing cost is also much lower. The unemployment rate is 4.4%, matching the state average. There are 20 homes for sale, which is a small inventory pool relative to many markets, though the state benchmark for active listings is not provided. Population growth data is also not available, so the demand picture must rely on the other metrics.

Key Trends

First, the home value trend shows a market that appreciated over the past year but has recently cooled. The 12-month home value momentum of 4.51% is positive. However, the 3-month momentum is negative at -2.01%, and the year-over-year home value change is $-15. In other words, gains earlier in the measuring period have been followed by slight declines or flattening, suggesting that upward pressure on prices is not currently strong.

Second, affordability remains a central feature. At $104,079, the median home value is about one-third of the state average of $301,806. The rent index of $862 is about 64% of the state average of $1,339. Even though median household income of $51,626 is below the state average of $76,292, the lower home prices and rents mean housing costs are much more aligned with local incomes than they are statewide. This creates a significant relative affordability advantage.

Third, the market is moving relatively quickly for its size. The median days on market is 32 days, and only 13.9% of listings have a price cut. With only 20 homes for sale, this points to a tighter inventory environment where well-priced homes are not lingering. The low price-cut share suggests that sellers are not yet under heavy pressure to reduce asking prices.

Fourth, labor market conditions are in line with the state. The unemployment rate in Vernon is 4.4%, identical to the state average. While median household income is lower than the state average, the equal unemployment rate indicates that local employment conditions are not a clear outlier. Missing population growth data limits any conclusion about whether the buyer base is expanding.

Who Is This Market For

This market is likely suited to first-time buyers and affordability-focused households. The median home value of $104,079 is substantially below the state average of $301,806, and the rent index of $862 is also well below the state average of $1,339. A household earning the local median income of $51,626 can access home prices that are far more affordable than the state norm. Buyers who prioritize lower purchase prices and lower monthly housing costs may find Vernon practical.

The market may also appeal to rental property investors. The rent index of $862 combined with a median home value of $104,079 suggests that rental income is relatively high compared with purchase prices, especially when compared with the state average. Investors who focus on cash-flow-friendly small markets may find the numbers attractive, though the limited inventory of 20 homes for sale means available deals may be few.

Move-up buyers or those seeking a wide selection may be less well served. With only 20 active listings and no population growth data available, the market does not show evidence of a large or expanding housing stock. Buyers who need many options or luxury-level features may need to look elsewhere.

Outlook

The outlook for Vernon is best described as stable with some cooling signals. The positive 12-month home value momentum of 4.51% shows that prices were higher earlier in the measurement period, but the 3-month momentum of -2.01% and the year-over-year change of $-15 point to softening. At the same time, the median days on market of 32 days and a 13.9% price-cut share suggest that demand is still firm enough to move listings without widespread discounting. The small inventory of 20 homes for sale may help limit larger price declines. Because population growth data is not available, longer-term demand trends cannot be determined from the provided metrics. Overall, the data supports a cautious near-term outlook: affordability and steady turnover are strengths, but recent price momentum has weakened.